Cyprus Casino Resort

Cyprus Casino Resort

THE MULTINATIONAL consortium consisting of the companies Melco-Hard Rock and Cyprus Phassouri (Zakaki) Limited, has submitted its detailed proposal for the creation of casino resort in Cyprus and got the first license in Cyprus. 

The consortium plans to build the proposed casino resort in Limassol. Its licence will allow it to operate a casino license for 30 years (as a monopoly for the first 15), while the group plans to build and operate a luxury 500-room hotel offering up to 1,000 slots as well as 100 table games and a satellite casino and three slot-machine parlours at other locations. Providing the consortium’s proposal satisfies the government, construction work is expected to start in the first quarter of 2017 and with a capital investment of over €500 million it is expected to create thousands of jobs.

Hard Rock International has venues in 71 countries, 168 cafes, 23 hotels and 11 casinos. Beginning with an Eric Clapton guitar, Hard Rock owns the world’s greatest collection of music memorabilia, which is displayed at its locations around the globe. The company owns, operates and franchises cafes in numerous cities including London, New York, San Francisco, Sydney and Dubai. It also owns, licenses and/or manages hotel/casino properties worldwide. Destinations include the company’s two most successful Hotel and Casino properties in Tampa and Hollywood, as well as other locations including Bali, Chicago, Cancun, Ibiza, Las Vegas, Macau and San Diego.

Cyprus Phassouri (Zakaki) Limited (“CPZL”), is a member of the CNS Group which, amongst others, conducts different businesses including real estate, telecommunications, dairy, large scale farming and export and mining in Cyprus. The group has a chain of hotels in Greece and the AKS Annabelle Beach Resort on the Greek island of Crete.

Oct 19, 2016

Cyprus Citizenship (Cyprus Passport) for Investors

Cyprus Citizenship (Cyprus Passport) for Investors

On 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception.  The said amendments are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use of Cyprus by High Net Worth Individuals. 

Summary of key changes introduced:

  • Level of investment reduced to a total of €2M - €2.5M, as opposed to €2.5M - €3M under the previous Criteria (between 19/03/2014 to 31/10/2016).

  • Applications will be submitted on a stand alone base (Collective Investments abolished)

  • Introduction of combination of all economic criteria.

  • Parents of the investor can now obtain the Cyprus Citizenship with an additional permanent residence of €500.000 (plus VAT if applicable).

  • Abolishment of the criterion of bank deposits.

  • Cap set on the investment in Cyprus Government bonds.

  • A Permanent Residence Permit will be issued prior to Naturalization (unless the applicant(s) is a Temporary Permit holder already)

For the period until the end of October 2016, investors can chose under which Scheme to apply, ie the revised Scheme approved on 13/09/2016, or the previous one approved on 19/03/2014. As from 1st November 2016, the revised Scheme comes in full effect.

Foytina Real Estate Agency can help you to acquire the Cyprus Passport Scheme via Real Property.  Please read here:


Oct 19, 2016